Source: SmartStream Technologies
SmartStream Technologies, the market leading provider of Transaction Lifecycle Management solutions, today announced that Sydbank is live on TLM Corporate Actions.
Denmark's 4th largest bank purchased TLM in late 2004 after a thorough competitive review of the market place. Following a successful, on time, on budget implementation, Sydbank is now actively using TLM Corporate Actions' data cleansing functionality to handle all event scrubbing.
Egon Rohden, Vice President, Markets - Operations, Sydbank, explains, "We are delighted that we are now live with this essential first step in automating Corporate Actions. We are starting to realise benefits, with increased productivity and improved customer service."
Prior to the project's Go-Live Sydbank manually cleansed all event data, relying solely on the information provided by their custodians, distributed either by fax or SWIFT messages. Typically, the bank would receive several hundred messages a day, creating productivity challenges and levels of operational risk that could be eliminated through automation.
As part of the data cleansing project Sydbank introduced a new feed from vp.Fact, a data service provided by VP, the Danish CSD, to verify the accuracy and timeliness of the data they receive from their custodians. Today, all messages are received from Sybank's custodians and vp.Fact in SWIFT message or ISO15022 format and automatically loaded into TLM Corporate Actions. By automating the cleansing process and enabling all event enquiries to be carried out on-line TLM has massively increased STP rates and delivered greater control to Sydbank's event management.
Commenting on the project, Jim Hannibal, Regional Manager, SmartStream Northern Europe, stated "TLM's unique flexibility and integrated workflow allows Sydbank to define their own rules for checking the completeness of event details, compares them for consistency between providers and highlights any discrepancies. Staff in the Corporate Actions department can now quickly and easily repair any errors using the on-line Event Manager. The improvement in the quality of the event data, as well as its presentation gives the bank greater confidence in their ability to process events in a timely and accurate manner."
Concluding, Rohden, stated "The decision to select SmartStream's TLM Corporate Actions was based on the solution's capability to support the complete event management process. We are delighted with the successful first stage of this project - we have a robust solution that reliably gives us and our clients a clear picture of all outstanding events."